Athira Sethu
Kochi, 19 September 2025
India’s market regulator, the Securities and Exchange Board of India (SEBI), has issued a clean chit to Adani Group and its chairman Gautam Adani in relation to the charges made by US-based short-seller Hindenburg Research. SEBI said that its investigation revealed no wrongdoing on the part of the group or any regulatory lapse.
Hindenburg report dismissed as baseless
Hindenburg had accused the Adani Group of fraudulent practices, including routing funds through related entities and misleading investors. SEBI’s investigation concluded that these claims were unfounded, with no diversion of funds or misuse of loans. The regulator also noted that all loans had been serviced with interest and dismissed the charge of using three companies to secretly move funds between group entities.
Gautam Adani responds
Welcoming SEBI’s findings, Gautam Adani said the outcome was a relief and reaffirmed the group’s consistent stand that the allegations were baseless. He added that those who spread false and motivated claims had caused losses to investors and should apologise to the nation. Adani stressed that transparency and integrity remain central to the group’s operations.
Market reaction
The clearance saw Adani Group firms gain immediately on the stock exchange. Adani Total Gas, Adani Enterprises, Adani Power, Adani Ports, and Adani Green Energy shares gained up to 10%
